By Li Xiaowei Nov. 24 (Bloomberg) -- Copper fell to near the lowest in more than three years as a global surplus widened, fueling concerns that a deteriorating global economy is reducing demand for industrial metals. World copper production exceeded usage by 75,000 metric tons in the first eight months, the International Copper Study Group said Nov. 21. That compared with a surplus of 22,000 tons for the same period last year, the Lisbon-based group said. The report “adds to the evidence that refined copper is moving into a surplus and to the downward pressure on the metal price,” Zeng Chao, an analyst at Everbright Futures Co., wrote in an e-mailed report today. Copper for three-month delivery fell as much as 2.4 percent to $3,455 a ton on the London Metal Exchange and traded at $3,467 at 10:17 a.m. in Shanghai. It dropped to the lowest since July 2005 on Nov. 21. The price is down 48 percent this year, headed for the first annual drop since 2001. Inventories monitored by the London exchange rose to 283,125 tons on Nov. 21, the highest since February 2004. February-delivery copper on the Shanghai Futures Exchange fell 0.6 percent to 26,780 yuan ($3,917) a ton at 10:15 a.m. local time. Refined copper imports by China, the world’s largest consumer, rose 15 percent to 128,929 tons in October from the previous month, revised figures from customs showed today. Imports declined 13 percent to 1.1 million tons in the first 10 months. “As the gain in imports won’t fully offset the reduction in domestic production, Shanghai copper is likely to fare stronger than London in the near term,” Zeng wrote in the report. Among other LME-traded metals, aluminum rose 1.1 percent to $1,770 a ton and zinc slid 0.3 percent to $1,172. To contact the reporter for this story: Li Xiaowei in Shanghai at xli12@bloomberg.net

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